A few bits of info regarding induction hobs, taken from various sites inc Wiki and the bay:
An induction cooker uses induction heating for cooking. A ferromagnetic or ferrimagnetic coated pot is placed above an induction coil for the heating process to take place. This type of cooktop does not work with non-ferromagnetic cookware such as glass, aluminum, and most stainless steel, nor with ferromagnetic material covered with a conductive layer, such as a copper-bottomed pan.
Induction cookers are faster and more energy-efficient than traditional cooktops. Additionally, the stove top does not become dangerously hot; however, skin can still be burned if it comes into contact with the inside of the pot. Also, the induction cooker does not warm the air around it as other cookers do.
Since heat is being generated from an electric current induced by an electric coil, the range can detect when cookware is removed or its contents boil out by monitoring the voltage drop caused by resistance to the current. This creates possible additional functions, such as keeping a pot at minimal boil or automatically turning off when the cookware is removed.
Benefits
This form of flameless cooking has an edge over conventional gas flame and electric cookers as it provides rapid heating, vastly improved thermal efficiency, greater heat consistency, plus the same or greater degree of controllability as gas.
The amount of time that it takes a pot to boil depends on the power of the induction cooktop. Thus, the time can be from three minutes for 3600 watt induction stove tops, to around ten minutes for 1200 watt ones: much faster than conventional electric coil or radiant cookers.
Induction cookers are safer to use than conventional stoves because there are no open flames and the "element" itself reaches only the temperature of the cooking vessel; only the pan becomes hot. However, it must be remembered that that pan was at 100 °C (212 °F) and in deep fat frying could be as hot as 200 °C (392 °F). Induction cookers are also easier to clean because the cooking surface is flat and smooth, even though it may have several zones of heating induction. In addition, food cannot burn onto the cooking surface as it is not hot.
Economic considerations.
Induction cookers are considerably more expensive than traditional cookers, but consume half as much electricity as electric-resistance elements and are more efficient in heat transfer, achieving an absolute efficiency of 84% in US Dept of energy tests (compared to a typical 40% for a gas cooker). According to CEG Electric Glass Company, "Induction cooking power savings of 40-70% are realistically achievable in comparison to conventional cooktops." CEG Electric Glass Company also states induction cooking has an efficiency rate of 90%, while Electric and Gas have efficiency rates of less than 50%.
Efficiency. Looking specifically at heat transfer, from hob to cooking utensils.
-- Gas 55%
-- Spiral Ring 65%
-- Solid Plate 65%
-- Halogen 70%
-- Induction 80 to 90%
I hope that this info is of some use in dispelling all the bad publicity about electrical hobs.